Monday, March 06, 2006

Da Bears

I've got to start off today's blog (posted to you from overcast Las Vegas, Nevada) with a salute to the clown who wrote, "Wow, if this short recommendation is as good as your AAPL, NTRI, and OIH short recommendations then I am in for a treat." This nimrod (anonymous, of course) was scoffing at my suggestion to short ADSK.

What tickles me is that all FOUR of those recommendations (ADSK, AAPL, NTRI, OIH) have been just stellar. The puts on them are up big-time. So - - there's yer treat, pal.

Anyhoo - - obviously today was another dandy day for the bears. Instead of harping on that, let me do something a bit unusual and point out two fine looking bullish charts in this environment.

One of them, TradeStation, has had a marvelous breakout on just amazing volume. This is absolutely what you want to see - strong, higher prices on soaring volume. It's particularly impressive considering the very weak environment of late:

The other is one I've cited numerous times, and I'm sorry, this is just such a gorgeous chart I need to share it again. Qwest - symbol Q - is just a beautiful inverted head & shoulders with, once again, good solid volume behind the rise.

As for the market's modest fall.......there's not a heck of a lot I can add. My positions are pretty much identical to what I've cited already, and they're all doing terrific. I have no idea if this will finally be the beginning of "the big one" (although I'm kind of weary of waiting!)

But Friday's shooting star pattern, couple with today's follow-through weakness (which took out some recent support levels among the indices) can only be perceived as encouraging for those who believe the market is going to fall in a very meaningful way this year.

And, in a nod to the Oscars, I'll close by saying.......Good Night, and Good Luck.

1 comment:

Dan said...

Tim, as always, Thank you for your time and opinions on the market.
Also starting to appreciate the humor.
Still holding my SHORT position on GOOG.
There are so many people that just think LONG, or nothing at all.
I guess I'm starting to realize that it doesn't matter LONG, SHORT, LEFT, RIGHT, NORTH or SOUTH.
I just want to be in the direction of making a "PROPHET"..
Hope you're playing Hold'em in LV, it's the best odds you can ask for if your not a "fishy"...
Heading to Orlando Weds., 6 of us, going to take in 3 days golf, baseball games and plenty of stoggies /cocktails.
Who says you have to change after having children. Just make money and enjoy...that's my motto.